Goldman Sachs had an explosive 4Q20 as its equities machine pumped out windfall gains in underwriting and trading. Still, it made good progress on its strategic targets. We move to Buy on Stock, maintain Sell on benchmark bonds. Systemic and counterparty risk is Medium. 

Morgan Stanley enjoyed the 4Q20 windfall in equity underwriting and trading as it further integrates its major acquisitions: E*TRADE (closed) and Eaton Vance (closing in 2Q21). Much more sustainability of earnings given external and internal moves. Buy Stock, Sell on benchmark bonds. Systemic risk Very Low, Counterparty risk Low. 

WFC wants to be a normal bank, but still has major restructuring to do to get back into regulators graces. Looks to sell asset management, corporate trust and rail finance to reposition and add capital in our view. Sell on Stock & benchmark Bonds. Systemic & counterparty risk remains High.